Chapter 1119: FOREIGN BANKS

(A)
"Foreign bank" means any
company, or any subsidiary or affiliate of a company, organized under the laws
of a foreign country, a territory of the United States, Puerto Rico, Guam,
American Samoa, or the Virgin Islands, that engages in the business of banking.
"Foreign bank" includes, without limitation, a foreign commercial bank, foreign
merchant bank, or other foreign institution that engages in banking activities
usually conducted in connection with the business of banking in the country
that granted its charter or countries where the foreign institution is
operating.

(B)
"Executive
officer" has the same meaning as in section
1109.23 of the Revised Code.

(A)
No foreign
bank shall conduct any operations in this state connected to its banking
business, unless it has a license issued by the superintendent of financial
institutions under this chapter or by the office of the comptroller of the
currency. Any license issued by the superintendent under this chapter is
effective until surrendered by the foreign bank or revoked by the
superintendent.

(B)
Except as
provided in section
1117.05 of the Revised Code, no
person shall conduct any operations in this state connected to a foreign bank's
banking business as a representative or as an agent of a foreign bank, unless
the foreign bank is licensed to conduct those operations either by the
superintendent under this chapter or by the office of the comptroller of the
currency.

(C)
If any person
conducts operations in this state as a representative or agent of a foreign
bank, the foreign bank is deemed to be conducting those operations.

(1)
For each representative office a foreign bank
proposes to operate, the foreign bank shall first submit to the superintendent
of financial institutions an application for preliminary approval of the
representative office. The superintendent shall approve or disapprove the
application within sixty days after accepting the application.

(2)
In determining whether to approve or
disapprove the foreign bank's application, the superintendent shall consider
all of the following:

(a)
Whether the foreign
bank is subject to comprehensive supervision and regulation on a consolidated
basis by the appropriate authorities in the country that granted its banking
charter;

(b)
Whether the management
of the foreign bank and the proposed management of the representative office
are adequate;

(c)
Whether any
controlling person of the foreign bank, each director and executive officer of
the foreign bank, and each director and executive officer of any controlling
person of the foreign bank is competent and of good character and sound
financial standing;

(d)
Whether the
capital and financial resources of the foreign bank are adequate;

(e)
Whether the foreign bank is currently
operating in compliance with applicable laws, regulations, and orders;

(f)
Whether it is reasonable to
believe the foreign bank will operate the representative office in compliance
with applicable laws, regulations, and orders;

(B)
The superintendent shall issue a license to a
foreign bank to operate the representative office if all of the following have
occurred:

(1)
The superintendent has approved
the foreign bank's application for preliminary approval to operate the
representative office under division (A) of this section.

(2)
The foreign bank has met all conditions
of the superintendent's preliminary approval.

(3)
The foreign bank has delivered to the
superintendent an appointment of an agent for service of process, the agent's
acknowledgment of the appointment, and the foreign bank's agreement to service
of process upon the superintendent if reasonable efforts to serve the foreign
bank's agent or place of business in this state are unsuccessful.

(B)
At or through a
licensed representative office, a foreign bank may conduct activities that are
connected to the foreign bank's banking business, including the following:

(1)
A representative office may contact local
persons to solicit business for the foreign bank, but may not solicit, receive,
or accept deposits, either directly or as agent, for subsequent deposit at
another office of the foreign bank.

(2)
A representative office may accept and
process applications for the extension of credit, but may not approve any
application.

(3)
A representative
office may prepare documentation and execute documents for transactions
previously approved outside this state, but may not disburse any funds or
otherwise provide credit in this state.

(1)
For each agency or branch a foreign bank proposes
to operate, the foreign bank shall first submit to the superintendent of
financial institutions an application for preliminary approval of the agency or
branch. The superintendent shall determine whether to approve or disapprove the
application within sixty days after accepting the application.

(2)
In determining whether to approve or
disapprove the foreign bank's application, the superintendent shall consider
all of the following:

(a)
Whether the foreign
bank is subject to comprehensive supervision and regulation on a consolidated
basis by the appropriate authorities in the country that granted its banking
charter;

(b)
Whether the management
of the foreign bank and the proposed management of the agency or branch are
adequate;

(c)
Whether any
controlling person of the foreign bank, each director and executive officer of
the foreign bank, and each director and executive officer of any controlling
person of the foreign bank is competent and of good character and sound
financial standing;

(d)
Whether the
capital and financial resources of the foreign bank are adequate;

(e)
Whether the foreign bank is currently
operating in a safe and sound manner, and is in compliance with applicable
laws, regulations, and orders;

(f)
Whether it is reasonable to believe the foreign bank will operate the agency or
branch in a safe and sound manner, and in compliance with applicable laws,
regulations, and orders;

(B)
The
superintendent shall issue a license to a foreign bank to operate the agency or
branch if the following have occurred:

(1)
The superintendent has approved the foreign bank's application for preliminary
approval to operate the agency or branch under division (A) of this section.

(2)
The foreign bank has met all
conditions of the superintendent's preliminary approval.

(3)
The foreign bank has delivered to the
superintendent an appointment of an agent for service of process, the agent's
acknowledgment of the appointment, and the foreign bank's agreement to service
of process upon the superintendent if reasonable efforts to serve the foreign
bank's agent or place of business in this state are unsuccessful.

(4)
The foreign bank has pledged assets as
required under section
1119.09 of the Revised Code and
maintains assets in this state as required by section
1119.10 of the Revised Code.

(A)
To be
licensed to operate an agency or branch in this state, a foreign bank shall
pledge assets to the superintendent of financial institutions, of the kinds, in
an amount, and in the manner prescribed by the superintendent, by placing the
assets with a qualified custodian for safekeeping. The assets pledged are for
the benefit of the agency's or branch's unaffiliated creditors.

(1)
The value of the assets pledged in accordance with this section shall be
computed based on the lesser of their principal amount or market value.

(2)
In determining the amount of
assets a foreign bank is required to pledge for each agency or branch, the
superintendent shall consider both of the following:

(a)
The amounts necessary or desirable to
maintain a sound financial condition and to protect depositors, creditors, and
the public interest;

(b)
The
concentration of risk to any one borrower or group of related borrowers and the
concentration of transfer risk to any one country, including the country in
which the foreign bank is domiciled.

(C)
A foreign bank that has pledged assets as required
by this section may receive any income paid on those assets while the foreign
bank continues to conduct business in the ordinary course in this state and the
superintendent has not issued a notice prohibiting the foreign bank's receipt
of income paid on the assets the foreign bank has pledged.

(D)
A foreign bank that has pledged assets as required
by this section shall maintain its pledge with the custodian after the foreign
bank ceases to be licensed to operate the agency or branch, until the
superintendent determines that the assets are no longer necessary for the
protection of depositors, creditors, and the public interest.

(E)
To qualify to hold assets pledged as
required by this section, a custodian must be one of the following:

(1)
A federal reserve bank located in this
state or any branch of a federal reserve bank located in this state without
regard to where the branch is located;

(2)
A bank that maintains a banking office in
this state, if approved by the superintendent;

(3)
A trust company that maintains a trust
service office in this state, if approved by the superintendent.

(F)
A custodian of
assets pledged as required by this section shall do all of the following:

(1)
Hold the assets separate from all other
assets of the pledging foreign bank and the custodian;

(2)
Segregate the assets pledged on the
custodian's books and clearly identify them as pledged in accordance with this
section;

(3)
Release the assets
pledged only upon the order of the superintendent or the superintendent's
designee.

(A)
Subject to
conditions and requirements the superintendent of financial institutions may
prescribe, to be licensed to operate an agency or branch in this state, a
foreign bank shall maintain assets in this state of the kinds and in the amount
prescribed by the superintendent as necessary or desirable for the maintenance
of a sound financial condition and for the protection of depositors, creditors,
and the public interest.

(B)
In
determining compliance with the asset maintenance requirement of division (A)
of this section, the superintendent shall include all of the following:

(1)
Assets the foreign bank has pledged as
required by section
1119.09 of the Revised Code;

(2)
Reserves the foreign bank is
required to maintain with the federal reserve with respect to the foreign
bank's agencies and branches in this state;

(3)
Assets pledged and surety bonds payable
to the federal deposit insurance corporation with respect to the foreign bank's
agencies and branches in this state.

(A)
When a
foreign bank engages in an activity or undertakes an action through an agency
or branch licensed under this chapter, the foreign bank is subject to the same
limitations on and requirements of engaging in the activity or taking the
action that apply to a bank doing business under authority granted by the
superintendent of financial institutions.

(1)
A foreign
bank licensed to operate an agency shall not accept deposits from citizens or
residents of the United States or exercise fiduciary powers. An account that
carries a credit balance in connection with the distribution of loan proceeds
is not a deposit for purposes of this section.

(2)
A foreign bank licensed to operate an agency may,
in addition to conducting all of the permissible activities of a representative
office set forth in division (B) of section
1119.06 of the Revised Code,
conduct limited banking activities at or through a licensed agency, including
all of the following:

(b)
Maintaining credit balances
that are incidental to or arise out of the distribution of loan proceeds;

(c)
Receiving funds as agent to be
forwarded for deposit to an existing account at another office authorized to
accept deposits.

(C)
A foreign bank licensed to operate a branch may,
in addition to conducting all of the permissible activities of a representative
office set forth in division (B) of section
1119.06 of the Revised Code and
all of the permissible activities of an agency set forth in division (B)(2) of
this section, conduct the following activities at or through a licensed branch:

(1)
Accepting deposits, the acceptance of
which does not constitute engaging in domestic retail deposit activities;

(2)
If qualified under Chapter
1111. of the Revised Code, exercising fiduciary powers;

(3)
Other activities authorized for banks
doing business under authority granted by the superintendent.

(D)
Each foreign bank
licensed to operate an agency or branch shall, in the manner the superintendent
prescribes, give notice to the agency's or branch's customers that deposits
with that agency or branch are not insured by the federal deposit insurance
corporation or otherwise.

(A)
When a foreign bank engages in an activity or undertakes an action through an
agency or branch licensed under this chapter, the foreign bank is subject to
the same limitations on and requirements of engaging in the activity or taking
the action that apply to a state bank
.

(1)
A foreign bank licensed to operate an agency shall not accept deposits from
citizens or residents of the United States or exercise fiduciary powers. An
account that carries a credit balance in connection with the distribution of
loan proceeds is not a deposit for purposes of this section.

(2)
A foreign bank licensed to operate an agency may, in addition to conducting all
of the permissible activities of a representative office set forth in division
(B) of section 1119.06 of the Revised Code,
conduct limited banking activities at or through a licensed agency, including
all of the following:

(b)
Maintaining credit balances that are incidental to or arise out of the
distribution of loan proceeds;

(c)
Receiving funds as agent to be forwarded for deposit to an existing account at
another office authorized to accept deposits.

(C)
A foreign bank licensed to operate a branch may, in addition to conducting all
of the permissible activities of a representative office set forth in division
(B) of section 1119.06 of the Revised Code and
all of the permissible activities of an agency set forth in division (B)(2) of
this section, conduct the following activities at or through a licensed branch:

(1)
Accepting deposits, the acceptance of which does not constitute engaging in
domestic retail deposit activities;

(2)
If qualified under Chapter 1111. of the Revised Code, exercising fiduciary
powers;

(D)
Each foreign bank licensed to operate an agency or branch shall, in the manner
the superintendent of financial institutions
prescribes, give notice to the agency's or branch's customers that deposits
with that agency or branch are not insured by the federal deposit insurance
corporation or otherwise.

No foreign bank licensed under this chapter to operate a
representative office or an agency shall use the term "branch" to identify that
representative office or agency. A foreign bank may use the term "branch" in a
description of a representative office or agency that the foreign bank has
clearly identified as licensed as a representative office or agency, as the
case may be, under this chapter.

(A)
No license
issued to a foreign bank under this chapter is transferable or assignable.

(B)
When a foreign bank licensed
under this chapter is to be a constituent in a reorganization in which the
foreign bank will not be the resulting corporation, or is to sell a
representative office, agency, or branch the foreign bank is licensed to
operate in this state, prior to the reorganization or sale, both of the
following must be done, whether or not the resulting or acquiring corporation
will continue to conduct business at any location where the foreign bank being
acquired or selling the representative office, agency, or branch is conducting
business:

(1)
The corporation that is to be
the resulting corporation in the reorganization or the acquiring corporation
shall do either of the following:

(a)
Obtain
an appropriate license to conduct the activities it proposes to conduct in this
state and make all changes to conform the business being acquired to the
requirements and limitations of the license obtained;

(b)
Obtain the approval of the superintendent
of financial institutions to consolidate the representative office, agency, or
branch being acquired with another representative office, agency, or branch
appropriately licensed, whether under this chapter or otherwise, to conduct the
business of the representative office being acquired.

(2)
The foreign bank licensed to operate the
representative office, agency, or branch shall voluntarily surrender the
license to operate the representative office, agency, or branch in accordance
with section
1119.26 of the Revised Code.

(1)
Except as provided in division (A)(2) of this
section, each foreign bank licensed to operate a representative office, agency,
or branch in this state shall do all of the following:

(a)
Maintain in this state all of each
licensed representative office's, agency's, or branch's records.

(b)
Segregate each licensed representative
office's, agency's, or branch's records from all of the foreign bank's and its
affiliates' other records;

(c)
Maintain each licensed representative office's, agency's, or branch's assets
separate and apart from the foreign bank's other assets.

(2)
A foreign bank that operates more than
one licensed representative office, agency, or branch in this state may, as
permitted by the superintendent of financial institutions, do both of the
following:

(a)
Combine the records of those
licensed representative offices, agencies, and branches and maintain the
records at one location in this state;

(b)
Collectively maintain the assets of those
licensed representative offices, agencies, and branches.

(B)
All deposits of money, or its
equivalent, in any agency or branch licensed under this chapter shall be
entered on the agency's or branch's books in terms of money of the United
States.

(C)
The superintendent
may prescribe the manner and form of keeping the books and records of
representative offices, agencies, and branches licensed under this chapter.

(D)
The superintendent may
retain, at the expense of the foreign bank, any advisors necessary to assist in
the review or examination of the records and affairs of any representative
office, agency, or branch of a foreign bank licensed under this chapter.

(A)
Each
foreign bank licensed under this chapter shall file with the superintendent of
financial institutions any reports the superintendent may prescribe in the form
and manner and containing the information the superintendent prescribes.

(B)
When the superintendent
requires banks and trust companies to report their income and condition in
accordance with division (A) of section
1121.21 of the Revised Code, the
superintendent shall require each foreign bank licensed under this chapter to
report the income and condition of its representative offices, agencies, and
branches in this state.

(A)
Each foreign bank licensed under this chapter shall file with the
superintendent of financial institutions any reports the superintendent may
prescribe in the form and manner and containing the information the
superintendent prescribes.

(B)
When the superintendent requires banks and trust companies to report their
income and condition in accordance with section
1121.21 of the Revised Code, the
superintendent shall require each foreign bank licensed under this chapter to
report the income and condition of its representative offices, agencies, and
branches in this state.

When the laws of this state require an action by or regarding a
foreign bank or a representative office, agency, or branch of a foreign bank
licensed under this chapter to be approved or taken by the board of directors,
the action may be approved or taken by either of the following:

(A)
The governing body of the foreign bank
having authority, under the laws of the country where the foreign bank is
chartered, that is comparable to the authority of the board of directors of a
bank doing business under authority granted by the superintendent of financial
institutions;

(B)
Any person or
group of persons, such as a committee, to whom the authority to approve or take
the action has been properly delegated in accordance with the laws of the
country where the foreign bank is chartered.

(A)
In
addition to the specific powers, remedies, and sanctions provided in this
chapter, any foreign bank licensed to operate a representative office, agency,
or branch in this state and any foreign bank conducting operations in this
state connected to its banking business without being licensed under this
chapter or by the office of the comptroller of the currency is subject to all
powers, remedies, and sanctions provided to the superintendent of financial
institutions and the division of financial institutions in Chapters 1101. to
1127. of the Revised Code.

(1)
With regard to any foreign bank licensed
under this chapter to operate a representative office, agency, or branch in
this state or conducting operations in this state connected to its banking
business without being licensed under this chapter or by the office of the
comptroller of the currency, "regulated person" means a director, officer,
employee, controlling shareholder, or agent of the foreign bank or a person who
participates in the management of the foreign bank, whether or not the person
is assigned to an office of the foreign bank licensed under this chapter.

(2)
An order to cease and desist
issued under section
1121.32 of the Revised Code, a
removal or prohibition order issued under section
1121.33 of the Revised Code, or a
suspension order issued under section
1121.34 of the Revised Code
against a regulated person, who is a regulated person because of that person's
relationship with a foreign bank doing business in this state, does not affect
the relationship between the regulated person and the foreign bank except as it
relates to the conduct of operations in this state connected to the foreign
bank's banking business.

(1)
If the superintendent of financial institutions
determines, after notice and an opportunity for hearing in accordance with
sections 1121.37 and
1121.38 of the Revised Code, any
of the following conditions exists, the superintendent may revoke any license
the foreign bank has to operate a representative office, agency, or branch in
this state:

(a)
The existence of the foreign
bank or its authority to transact business has been terminated or suspended by
the appropriate authorities in the country that granted the foreign bank's
banking charter.

(b)
The foreign
bank or any representative office, agency, or branch of the foreign bank is
violating, has violated, or, the superintendent has reasonable cause to
believe, is about to violate, any of the following:

(ii)
A condition imposed in writing by the
superintendent in connection with granting an application or other request by
the foreign bank or the representative office, agency, or branch;

(iii)
A written agreement the foreign bank or
any representative office, agency, or branch of the foreign bank has entered
into with the superintendent.

(c)
The foreign bank or any representative
office, agency, or branch of the foreign bank is engaging, has engaged, or, the
superintendent has reasonable cause to believe, is about to engage, in any
unsafe or unsound practice in conducting the business of the foreign bank or
the representative office, agency, or branch.

(e)
The foreign bank has suspended payment of
its obligations, made an assignment for the benefit of its creditors, or
admitted in writing its inability to pay its debts as they become due.

(f)
The foreign bank is subject to
or has applied for an adjudication in bankruptcy, reorganization, or other
relief under any bankruptcy, reorganization, insolvency, or moratorium law.

(g)
A receiver, liquidator, or
conservator has been appointed for the foreign bank, or any representative
office, agency, or branch of the foreign bank in any jurisdiction, or any
proceeding for the appointment of a receiver, liquidator, or conservator, or
any similar proceeding, has been initiated in the country that granted the
foreign bank's charter.

(h)
The
representative office, agency, or branch has been closed or has otherwise
ceased to conduct business.

(2)
The foreign bank's opportunity for a hearing
lapses if the foreign bank does not, within fifteen days after receipt of the
superintendent's notice, request a hearing in writing.

(1)
If the superintendent has reasonable cause to believe any of the conditions set
forth in division (A) of this section exists, and the superintendent determines
it is necessary to protect the interests of the foreign bank's creditors, the
general public, or, where applicable, the depositors of the foreign bank's
agency or branch, the superintendent may issue an order immediately suspending
the foreign bank's license to operate the representative office, agency, or
branch in this state.

(2)
Within
ten days after being served an order suspending a foreign bank's license to
operate a representative office, agency, or branch in this state, the foreign
bank may apply to the court of common pleas of any county in this state in
which the foreign bank is doing business, or the court of common pleas of
Franklin county, for an injunction setting aside, limiting, or suspending
enforcement of the suspension order pending an opportunity for a hearing before
the superintendent on whether the foreign bank's license to operate a
representative office, agency, or branch in this state should be revoked, and
the court has jurisdiction to issue the injunction.

(A)
If the
superintendent of financial institutions determines, in accordance with
division (A) of section
1119.22 of the Revised Code, any
of the conditions set forth in that division exists, the superintendent, in
addition to having the authority to revoke the foreign bank's license to
operate a representative office, agency, or branch in accordance with section
1119.22 of the Revised Code, also
may take possession of the foreign bank's business and property in this state
and appoint a receiver for the liquidation of the foreign bank's business and
property in this state.

(B)
The
superintendent's taking possession of and appointing a receiver for a foreign
bank's business and property in this state pursuant to division (A) of this
section, and the liquidation of the foreign bank's business and property in
this state, shall, except as provided in divisions (B)(1) and (2) of this
section, be conducted in accordance with the procedures and is subject to the
rights, powers, duties, requirements, and limitations provided in Chapter 1125.
of the Revised Code for taking possession of the business and property and
liquidation of a bank.

(1)
After payment of
the expenses of the liquidation and claims against the foreign bank arising
from its doing business in this state in accordance with section
1125.24 of the Revised Code, any
remaining funds from the liquidation of the foreign bank's business and
property in this state shall be distributed in the following manner:

(a)
If the foreign bank's business and
property is being liquidated in another state of the United States, the
receiver shall distribute any remaining funds from the liquidation of the
foreign bank's business and property in this state to the receiver in the other
state for the payment of expenses of liquidation and claims against the foreign
bank's business and property in the other state.

(b)
If the foreign bank's business and
property is being liquidated in more than one other state of the United States,
the receiver shall equitably distribute any remaining funds from the
liquidation of the foreign bank's business and property in this state among the
receivers in the other states for the payment of the expenses of liquidation
and claims against the foreign bank's business and property in the other
states.

(c)
If there is no
liquidation of the business and property of the foreign bank occurring in any
other state of the United States, the receiver shall pay any remaining funds
from the liquidation of the business and property of the foreign bank in this
state to the domiciliary receiver of the foreign bank or, if there is no
domiciliary receiver, to the foreign bank.

(a)
When
the receiver has completed the liquidation of the foreign bank's business and
property in this state, the receiver shall, with notice to the superintendent,
file a petition with the court for an order declaring that the foreign bank's
business in this state is properly wound up in the manner provided in section
1125.29 of the Revised Code. Upon
the filing of a petition as provided in this division, the court shall proceed
as provided in section
1125.29 of the Revised Code.

(b)
An order issued by the court
pursuant to a petition filed in accordance with division (B)(2)(a) of this
section shall do all things required by section
1125.29 of the Revised Code, but
shall only declare that the foreign bank's business in this state has been
properly wound up and shall not declare that the foreign bank is dissolved. The
court may make whatever additional orders and grant whatever additional relief
the court determines proper upon the evidence submitted.

(c)
Once the court issues the order declaring
that the foreign bank's business in this state is properly wound up, the
foreign bank shall cease doing business in this state except for any further
winding up.

(d)
Once the court
issues the order declaring the foreign bank's business in this state is
properly wound up, the receiver shall promptly file a copy of the order,
certified by the clerk of the court, with both the secretary of state and the
superintendent.

(A)
If the superintendent of financial institutions determines, in accordance with
division (A) of section
1119.22 of the Revised Code, any
of the conditions set forth in that division exists, the superintendent, in
addition to having the authority to revoke the foreign bank's license to
operate a representative office, agency, or branch in accordance with section
1119.22 of the Revised Code,
also may take possession of the foreign bank's business and property in this
state and appoint a receiver for the liquidation of the foreign bank's business
and property in this state.

(B)
The superintendent's taking possession of and appointing a receiver for a
foreign bank's business and property in this state pursuant to division (A) of
this section, and the liquidation of the foreign bank's business and property
in this state, shall, except as provided in divisions (B)(1) and (2) of this
section, be conducted in accordance with the procedures and is subject to the
rights, powers, duties, requirements, and limitations provided in Chapter 1125.
of the Revised Code for taking possession of the business and property and
liquidation of a state bank.

(1)
After payment of the expenses of the liquidation and claims against the foreign
bank arising from its doing business in this state in accordance with section
1125.24 of the Revised Code, any
remaining funds from the liquidation of the foreign bank's business and
property in this state shall be distributed in the following manner:

(a)
If the foreign bank's business and property is being liquidated in another
state of the United States, the receiver shall distribute any remaining funds
from the liquidation of the foreign bank's business and property in this state
to the receiver in the other state for the payment of expenses of liquidation
and claims against the foreign bank's business and property in the other
state.

(b)
If the
foreign bank's business and property is being liquidated in more than one other
state of the United States, the receiver shall equitably distribute any
remaining funds from the liquidation of the foreign bank's business and
property in this state among the receivers in the other states for the payment
of the expenses of liquidation and claims against the foreign bank's business
and property in the other states.

(c)
If there is no liquidation of the business and property of the foreign bank
occurring in any other state of the United States, the receiver shall pay any
remaining funds from the liquidation of the business and property of the
foreign bank in this state to the domiciliary receiver of the foreign bank or,
if there is no domiciliary receiver, to the foreign bank.

(a)
When the receiver has completed the liquidation of the foreign bank's business
and property in this state, the receiver shall, with notice to the
superintendent, file a petition with the court for an order declaring that the
foreign bank's business in this state is properly wound up in the manner
provided in section 1125.29 of the Revised Code.
Upon the filing of a petition as provided in this division, the court shall
proceed as provided in section
1125.29 of the Revised
Code.

(b)
An order
issued by the court pursuant to a petition filed in accordance with division
(B)(2)(a) of this section shall do all things required by section
1125.29 of the Revised Code, but
shall only declare that the foreign bank's business in this state has been
properly wound up and shall not declare that the foreign bank is dissolved. The
court may make whatever additional orders and grant whatever additional relief
the court determines proper upon the evidence submitted.

(c)
Once the court issues the order declaring that the foreign bank's business in
this state is properly wound up, the foreign bank shall cease doing business in
this state except for any further winding up.

(d)
Once the court issues the order declaring the foreign bank's business in this
state is properly wound up, the receiver shall promptly file a copy of the
order, certified by the clerk of the court, with both the secretary of state
and the superintendent.

The creditors of a foreign bank's licensed agencies or branches
in this state shall be entitled to priority over other creditors of the foreign
bank with respect to any claims against the assets of the foreign bank's
business in this state.

(A)
A foreign
bank may voluntarily liquidate and surrender its license to operate a
representative office, agency, or branch licensed under this chapter only with
the consent of the superintendent of financial institutions.

(B)
Prior to beginning any liquidation
process, the foreign bank must file an application to voluntarily liquidate and
surrender its license with the superintendent. The application shall include a
plan of liquidation that includes all of the provisions required of a plan for
voluntary liquidation of a bank under division (C) of section
1125.03 of the Revised Code,
except that the plan of liquidation shall be limited in scope to the particular
representative office, agency, or branch to be liquidated.

(C)
After conducting an examination, the
superintendent may approve or deny a foreign bank's application to voluntarily
liquidate and surrender its license based on the superintendent's evaluation of
whether or not the interests of the representative office's, agency's, or
branch's creditors or, where applicable, depositors, will suffer by the
surrender. The superintendent's approval is subject to any condition the
superintendent may determine appropriate under the circumstances.

(D)
If the superintendent approves the
application to voluntarily liquidate and surrender a license, the foreign bank
shall comply with the requirements of divisions (A)(1) and (2) of section
1125.04 of the Revised Code.

(E)
During the implementation of
the plan of liquidation pursuant to this section, the superintendent retains
the authority to supervise the representative office, agency, or branch and may
conduct any examination relating to either the representative office, agency,
or branch or the plan of liquidation the superintendent considers necessary or
appropriate.

(F)
If the
superintendent has reason to conclude the implementation of the plan of
liquidation is not being safely or expeditiously conducted, the superintendent
may do either of the following:

(2)
Take possession of the business
and property of the representative office, agency, or branch in the same
manner, with the same effect, and subject to the same rights accorded the
foreign bank under section
1119.23 of the Revised Code.

(G)
The superintendent
shall cancel the foreign bank's license to operate a representative office,
agency, or branch under this chapter if the superintendent has approved the
voluntary liquidation and surrender of the license and both of the following
conditions have been met:

(A)
A foreign bank may voluntarily liquidate and surrender its license to operate a
representative office, agency, or branch licensed under this chapter only with
the consent of the superintendent of financial institutions.

(B)
Prior to beginning any liquidation process, the foreign bank must file an
application to voluntarily liquidate and surrender its license with the
superintendent. The application shall include a plan of liquidation that
includes all of the provisions required of a plan for voluntary liquidation of
a state bank under division (C) of section
1125.03 of the Revised Code,
except that the plan of liquidation shall be limited in scope to the particular
representative office, agency, or branch to be liquidated.

(C)
After conducting an examination, the superintendent may approve or deny a
foreign bank's application to voluntarily liquidate and surrender its license
based on the superintendent's evaluation of whether or not the interests of the
representative office's, agency's, or branch's creditors or, where applicable,
depositors, will suffer by the surrender. The superintendent's approval is
subject to any condition the superintendent may determine appropriate under the
circumstances.

(D)
If the
superintendent approves the application to voluntarily liquidate and surrender
a license, the foreign bank shall comply with the requirements of divisions
(A)(1) and (2) of section
1125.04 of the Revised
Code.

(E)
During
the implementation of the plan of liquidation pursuant to this section, the
superintendent retains the authority to supervise the representative office,
agency, or branch and may conduct any examination relating to either the
representative office, agency, or branch or the plan of liquidation the
superintendent considers necessary or appropriate.

(F)
If the superintendent has reason to conclude the implementation of the plan of
liquidation is not being safely or expeditiously conducted, the superintendent
may do either of the following:

(2)
Take
possession of the business and property of the representative office, agency,
or branch in the same manner, with the same effect, and subject to the same
rights accorded the foreign bank under section
1119.23 of the Revised
Code.

(G)
The
superintendent shall cancel the foreign bank's license to operate a
representative office, agency, or branch under this chapter if the
superintendent has approved the voluntary liquidation and surrender of the
license and both of the following conditions have been met: